What drives retirement income worries in Europe? A multilevel analysis

European Journal of Ageing

Volumn 7, Issue 4, 2010, Pages 301-311

  Hershey, Douglas A ^a   Henkens, Kène ^b   van Dalen, Hendrik P ^b  

^a OKLAHOMA STATE UNIVERSITY   (United States)

^b TILBURG UNIVERSITY   (Netherlands)

Author keywords

Economic; Europe; Multilevel modeling; Retirement income; Saving; Worry

Indexed keywords

EID: 78649962015     PISSN: 16139372     EISSN: 16139380     Source Type: Journal    
DOI: 10.1007/s10433-010-0167-z     Document Type: Article

References (54)

1. Holden B (November 2008) Ensuring pension fund governance is fit for purpose. Investment & Pensions Europe (IPE). Available at http://www. ipe. com/whitepapers/.
2. Ameriks J, Caplin A, Leahy J (2003) Wealth accumulation and the propensity to plan. Q J Econ 118: 1007-1047.
3. Barr N, Diamond P (2006) The economics of pensions. Oxf Rev Econ Policy 22: 15-39.
4. Bassett WF, Fleming MJ, Rodrigues A (1998) How workers use 401(k) plans: the participation, contribution, and withdrawal decisions. Natl Tax J 51: 263-289.
5. Bongaarts J (2008) Population aging and the rising cost of public pensions. Popul Dev Rev 1: 1-23.
6. Bossé R, Spiro A III, Kressin NR (1996) The psychology of retirement. In: Woods RT (ed) Handbook of the clinical psychology of ageing. Wiley, Chichester, UK, pp 141-157.
7. Christelis D, Jappelli T, Paccagnella O, Weber G (2009) Income, wealth and financial fragility in Europe. J Eur Soc Policy 19: 359-376.
8. Commission of the European Communities (2000) The future evolution of social protection from a long-term point of view: safe and sustainable pensions. Commission of the European Communities, Brussels.
9. Cremer H, Pesitieau P (2003) The double dividend of postponing retirement. Int Tax Public Financ 10: 419-434.
10. Dedrick RF, Ferron JM, Hess MR, Hogarty KY, Kromrey JD, Lang TR et al (2009) Multilevel modeling: a review of methodological issues and applications. Rev Educ Res 79: 69-102.
11. Devaney SA, Su Y (1997) Factors predicting the most important source of retirement income. Compens Work Cond 2: 25-31.
12. Diefenbach GJ, McCarthy-Larzelere ME, Williamson DA, Matthews A, Manguno-Mire GM, Bentz BG (2001) Anxiety, depression, and the content of worries. Depress Anxiety 14: 247-250.
13. Ekerdt DJ, DeViney S, Kosloski K (1996) Profiling plans for retirement. J Gerontol B 51: S140-S149.
14. European Social Survey (2009) European Social Survey: monitoring attitude change in over 30 countries. Available at www. europeansocialsurvey. org.
15. Eurostat (2009a) Sector accounts: fourth quarter of 2008. Eurostat News Release, No. 62, April 2009.
16. Eurostat (2009b) Statistics in focus, 29.
17. Francoeur RB (2001) Reformulating financial problems and interventions to improve psychosocial and functional outcomes in cancer patients and their families. J Psychosoc Oncol 19: 1-20.
18. Galasso V, Gatti R, Profeta P (2008) Investing for the old age: pensions, children and savings. C. E. P. R. Discussion Papers, No. 6825.
19. Glass JC, Kilpatrick BB (1998) Financial planning for retirement: an imperative for baby boomer women. Educ Gerontol 24: 595-617.
20. Grulke N, Bailer H, Blaser G, Geyer M, Schmutzer G, Brahler E et al (2006) Worrying about one's job, family, financial situation and health-results of a population-representative study. GMS Psycho-Social-Med 3: 1-10.
21. Hayslip B, Beyerlein M, Nichols JA (1997) Assessing anxiety about retirement: the case of academicians. Int J Aging Hum Dev 44: 15-36.
22. Hershey DA, Mowen JC (2000) Psychological determinants of financial preparedness for retirement. The Gerontologist 6: 687-697.
23. Hershey DA, Jacobs-Lawson JM, McArdle JJ, Hamagami A (2007) Psychological foundations of financial planning for retirement. J Adult Dev 14: 26-36.
24. Hershey DA, Henkens K, van Dalen HP (2010) Aging and retirement planning: interdisciplinary influences viewed through a cross-cultural lens. Int J Aging Hum Dev 70: 1-38.
25. Howlett E, Kees J, Kemp E (2008) The role of self-regulation, future orientation, and financial knowledge in long-term financial decisions. J Consum Aff 42: 223-242.
26. Jacobs-Lawson JM, Hershey DA (2005) Influence of future time perspective, financial knowledge, and financial risk tolerance on retirement saving behaviors. Financ Serv Rev 14: 331-344.
27. Jefferson T, Preston A (2005) Australia's 'other' gender wage gap: baby boomers and the compulsory superannuation accounts. Fem Econ 11: 79-101.
28. Johnson RW, Penner RG, Toohey D (2008) Do out-of-pocket health care costs delay retirement? Center for Retirement Research, Working Paper, 2008-04, Boston College.
29. Leetmaa P, Rennie H, Thiry B (2009) Household saving rate higher in the EU than in the USA despite lower income. Eurostat Stat Focus 29: 1-11.
30. Lindesay J, Baillon S, Brugha T, Dennis M, Stewart R, Araya R, Meltzer H (2006) Worry content across the lifespan: An analysis of 16- to 74-year-old participants in the British National Survey of Psychiatric Morbidity 2000. Psychol Med 36: 1625-1633.
31. Litwin H, Sapir EV (2009) Perceived income adequacy among older adults in 12 countries: findings from the Survey of Health, Ageing, and Retirement in Europe. The Gerontologist 49: 397-406.
32. Lum Y, Lightfoot E (2003) The effect of health on retirement saving among older workers. Soc Work Res 27: 31-44.
33. Maas CJ, Hox JJ (2005) Sufficient sample sizes for multilevel modeling. Methodology 1: 86-92.
34. MacEwen KE, Barling J, Kelloway EK, Higginbottom SF (1995) Predicting retirement anxiety: the roles of parental socialization and personal planning. J Soc Psychol 135: 203-214.
35. Mercer (2007) Global retirement perspective-pensions across Europe: a work in progress. Available at http://www. mercer. com/referencecontent. htm?idContent=1257300. Mercer.
36. Neikrug SM (2003) Worrying about a frightening old age. Aging Ment Health 7: 326-333.
37. Nerlove M, Razin A, Sadka E (1987) Household and economy-welfare economics of endogenous fertility. Academic Press, New York.
38. Neukam KA, Hershey DA (2003) Financial inhibition, financial activation, and saving for retirement. Financ Serv Rev 12: 19-37.
39. OECD (2006) Live longer, work longer. OECD, Paris.
40. Paolini L, Yanez AP, Kelly WE (2006) An examination of worry and life satisfaction among college students. Individ Differ Res 4: 331-339.
41. Poterba J, Venti SF, Wise DA (2007) Rise of 401(K) plans, lifetime earnings, and wealth at retirement. NBER Working Paper #13091. National Bureau for Economic Research, Cambridge, MA.
42. Rix SE (1990) Who pays for what? Ensuring financial security in retirement. In: Hayes CL, Deren JM (eds) Preretirement planning for women: program design and research. Springer, New York, pp 5-26.
43. Schneider O (2009). Reforming pensions in Europe: economic fundamentals and political factors. Institute of Economic Studies Working Paper 8/2009 (IES FSV). Charles University, Prague.
44. Sharpley CF, Layton R (1998) Effects of age of retirement, reason for retirement, and pre-retirement training on psychological and physical health during retirement. Aust Psychol 22: 119-124.
45. Sievers B (2003) Your money or your life? Psychotic implications of the pension fund system: towards a socio-analysis of the financial services revolution. Human Relat 56: 187-210.
46. Skarborn M, Nicki R (2000) Worry in pre- and post-retirement persons. Int J Aging Hum Dev 50: 61-71.
47. Stawski RS, Hershey DA, Jacobs-Lawson JM (2007) Goal clarity and financial planning activities as determinants of retirement savings contributions. Int J Aging Hum Dev 64: 13-32.
48. UNDP (United Nations Development Programme) (2007) Human development report 2007/08. UNDP, New York.
49. van Dalen HP, Henkens K, Hershey DA (2010) Perceptions and expectations of savings adequacy: a comparative study of Dutch and American workers. Ageing Soc 30: 731-754.
50. Velladics K, Henkens K, van Dalen HP (2006) Do different welfare states engender different policy preferences? Opinions on pension reforms in Eastern and Western Europe. Ageing Soc 26: 475-495.
51. Watari KF, Brodbeck C (2000) Culture, health, and financial appraisals: comparison of worry in older Japanese Americans and European Americans. J Clin Geropsychol 6: 25-39.
52. Weller CE (2006) The recent stock market fluctuations and retirement income adequacy. East Econ J 32: 67-81.
53. Whitehouse E (2007) Pensions panorama-retirement-income systems in 53 countries. World Bank, Washington, DC.
54. Yuh Y, Olson P (1997) Factors affecting the retirement fund levels of self-employed households and wage and salary households. Fam Econ Resour Manag Bienn 2: 25-31.